Nasdaq-listed Tarimmune (THAR), a biotechnology company focused on a digital asset treasury (DAT) strategy centered on Canton Coin (CC), has raised approximately $540 million in a private placement led by DRW and Liberty City Ventures, the company announced in a press release on Monday.
Following this announcement, THAR rose about 30%. Canton Coin, the utility token that underpins Canton Network, a blockchain designed for institutional finance, is down 4%.
A wide range of crypto-native and traditional finance players also participated in the round, including ARK Invest, Bitwave, Broadridge, Clear Street, Copper, Digital Asset, Kaiko, Kenetic, Kraken, Lukka, Polychain Capital, Proof Group, SBI Group, and Tradeweb Markets.
The Canton Foundation, which manages the Canton Network, also participated in the round, making Tarimun the first publicly traded company to be directly backed by the foundation.
The company expects the transaction to close on or around November 6, subject to customary conditions. The proceeds will be used to fund the acquisition of Canton coins, operational costs, and plans to run multiple validator nodes on the Canton network to earn CC rewards.
Canton Network, backed by leading financial institutions such as Goldman Sachs, DTCC and BNP Paribas, aims to connect traditional financial infrastructure through interoperable smart contracts. The network reportedly processes more than 500,000 transactions every day, indicating increasing institutional adoption.
Tharimmune’s biotechnology business will continue under its existing team, but the company has appointed Mark Wendland as CEO to lead financial initiatives and Mark Toomey as president.
Clear Street acted as the sole introducing agent and financial advisor for this product.
read more: Canton network activity surges as exchanges join validators: Copper Survey
